Peoria Markets Development Opportunities

The City of Peoria Economic Development Team will host a forum to showcase upwards of 20 development opportunities within the city to a group of investors, developers and those in the building community on Wed., March 30 at the Peoria Sports Complex, from 8:30am – 11:30am. Register online here.

The city recently adopted Part II of an Economic Development Implementation Strategy (EDIS). One of the key initiatives that resulted is to grow the city’s inventory of available commercial office and industrial space for lease.

Peoria currently has no Class A office space, presenting a big problem for the Economic Development Team’s efforts to attract businesses who want to move fast and locate in an existing space.

Range of Development Opportunities

The range of development opportunities span city-owned sites, privately controlled with city agreements in place, to privately held parcels along key investment corridors. All the sites presented are there for a reason – the location along Loop 101, demographics are favorable, infrastructure is in place, and there is a need in the marketplace.

The two city-owned sites include a future office park on 14 acres at the SEC of Peoria Avenue and the Loop 101, where the due diligence packet envisions up to 155KSF of Class A-/B+ speculative office in three stories, using a ground lease deal structure with the successful development team.

The other city-owned property being marketed is the Peoria Innovation Center: 17 acres nestled into the P83 Entertainment District located at the Loop 101 and Bell Road. The city’s due diligence team anticipates a development of up to 177KSF speculative Class A office space in a building going up six stories.

An alternative development pro forma was produced for a three-story, 108KSF Class A Speculative office development as well.

The city has invested tremendous time, energy, and money into preparing their inventory of sites for the forum. Economic Development Director Scott Whyte has been thinking more like a business, putting together prospectuses for two prime city-owned sites, complete with pro formas for attendees. Click here to preview all the documents.

Peoria hopes that the effort invested in creating these due diligence packages reduces the development timeline by months. Private firms including Land Development Team, CBRE, Dekker/Perich/Sabatini Architects and Hines consulted on the prospectus documents to ensure they’re based in reality instead of a lofty city vision.

Hybrid RFQ/RFI Process for City-Owned Sites

One of the goals of the Forum is to increase interest and participation in an upcoming hybrid procurement on the two prime city-owned sites mentioned above. Not a true development RFP, the city will be soliciting SOQs from interested development teams in April 2016.

Whyte will be looking first and foremost at the pro forma, then the team qualifications, including leasing and development experience, and ability to secure capital. Less important criteria include the draft site plan.

City Partner

The city has shown their willingness to invest, purchasing sites, and producing the prospectus on their sites. They’re looking for experienced partners who can likewise make things happen. The City Council and mayor are incredibly focused on the Economic Development Initiatives in the EDIS.